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Covidien Announces Definitive Agreement To Sell US Radiopharmacies
Dublin, Ireland (SPX) Jan 27, 2010 Covidien has reported a definitive agreement to sell its radiopharmacies in the United States to Triad Isotopes, Inc. of Orlando, Florida. Triad operates a network of 26 nuclear radiopharmacies and six cyclotron facilities in the southeast United States. Financial terms of the transaction were not disclosed. The decision to divest the network of 37 Mallinckrodt radiopharmacies was made following a thorough review and evaluation of a number of strategic alternatives. The decision is consistent with Covidien's strategy to streamline its portfolio and reallocate resources to its faster-growing, higher-margin businesses, where the Company has or can develop a global competitive advantage. The move allows the Company greater focus on continuing to develop and provide quality products that deliver better value and help to improve patient outcomes. Covidien's radiopharmacy net sales were approximately $180 million in fiscal 2009. Completion of the transaction is subject to customary closing conditions, as well as receipt by Triad of necessary state and federal licenses and Triad's ability to secure financing for the transaction, with closing expected during the second calendar quarter of 2010. The transaction is not expected to have a material effect on Covidien's operating income or earnings per share for fiscal 2010 or 2011.
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